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CASH, CASH EQUIVALENTS AND INVESTMENTS
 9 Months Ended
Sep. 30, 2021
Cash And Cash Equivalents [Abstract]  
CASH, CASH EQUIVALENTS AND INVESTMENTS

3. CASH, CASH EQUIVALENTS AND INVESTMENTS:

The Company’s portfolio of fixed income securities consists of term bank certificates of deposit, U.S. Government bonds, corporate bonds and convertible notes. The Company considers all highly liquid debt instruments purchased with an original maturity (maturity at the purchase date) of three months or less to be cash equivalents. The Company classifies its remaining debt security

investments as available-for-sale. These debt securities are carried at fair market value, with unrealized gains and losses reported in shareholders’ equity. Gains or losses on securities sold are based on the specific identification method.

Cash and Cash Equivalents

The following table provides details regarding the Company’s portfolio of cash and cash equivalents (in thousands):

 

 

 

Amortized

 

 

Unrealized

 

 

Aggregate Fair

 

Cash and Cash Equivalents Classification

 

Cost

 

 

Gains

 

 

(Losses)

 

 

Market Value

 

September 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Cash accounts in banking institutions

 

$

222,833

 

 

$

—

 

 

$

—

 

 

$

222,833

 

Money market accounts

 

 

17,339

 

 

 

—

 

 

 

—

 

 

 

17,339

 

U.S. Government bonds

 

 

294,988

 

 

 

—

 

 

 

(3

)

 

 

294,985

 

 

 

$

535,160

 

 

$

—

 

 

$

(3

)

 

$

535,157

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Cash accounts in banking institutions

 

$

163,779

 

 

$

—

 

 

$

—

 

 

$

163,779

 

Money market accounts

 

 

17,261

 

 

 

—

 

 

 

—

 

 

 

17,261

 

U.S. Government bonds

 

 

448,970

 

 

 

6

 

 

 

(4

)

 

 

448,972

 

 

 

$

630,010

 

 

$

6

 

 

$

(4

)

 

$

630,012

 

 

Short-term Investments

The following table provides details regarding the Company’s portfolio of short-term investments (in thousands):

 

 

 

Amortized

 

 

Unrealized

 

 

Aggregate Fair

 

Short-term Investments Classification

 

Cost

 

 

Gains

 

 

(Losses)

 

 

Market Value

 

September 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Certificates of deposit

 

$

480

 

 

$

—

 

 

$

—

 

 

$

480

 

Corporate bonds

 

 

253,279

 

 

 

43

 

 

 

(16

)

 

 

253,306

 

 

 

$

253,759

 

 

$

43

 

 

$

(16

)

 

$

253,786

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government bonds

 

$

99,929

 

 

$

67

 

 

$

—

 

 

$

99,996

 

 

 

$

99,929

 

 

$

67

 

 

$

—

 

 

$

99,996

 

 

Minority Investments and Convertible Notes

The Company’s portfolio of minority investments and convertible notes consist of investments in privately held early-stage companies primarily motivated to gain early access to new technology and are passive in nature in that the Company does not obtain representation on the board of directors of the companies in which it invests. Minority investments and convertible notes are included in investments on the Consolidated Balance Sheets. As of September 30, 2021, the Company had two minority investments with a total carrying value of $8.0 million accounted for as equity securities without readily determinable fair values. As of September 30, 2021, the Company had one convertible note investment with a fair value of $500,000 accounted for as an available-for-sale debt security with a level 3 fair value measurement.